250,000 Shares in Backblaze, Inc. $BLZE Acquired by Nano Cap New Millennium Growth Fund L P

Nano Cap New Millennium Growth Fund L P purchased a new stake in Backblaze, Inc. (NASDAQ:BLZE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 250,000 shares of the company’s stock, valued at approximately $1,165,000. Nano Cap New Millennium Growth Fund L P owned approximately 0.43% of Backblaze as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Backblaze by 95.9% in the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company’s stock valued at $3,263,000 after buying an additional 172,165 shares in the last quarter. Shannon River Fund Management LLC bought a new position in Backblaze in the third quarter valued at approximately $2,129,000. Baader Bank Aktiengesellschaft bought a new position in Backblaze in the fourth quarter valued at approximately $699,000. GSA Capital Partners LLP lifted its stake in Backblaze by 159.7% in the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock valued at $1,394,000 after buying an additional 184,015 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Backblaze in the fourth quarter valued at approximately $712,000. Institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

NASDAQ BLZE opened at $7.37 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $4.70 and its two-hundred day moving average price is $4.75. Backblaze, Inc. has a 1 year low of $3.26 and a 1 year high of $10.86. The firm has a market capitalization of $442.94 million, a P/E ratio of -18.90 and a beta of 1.41.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.02. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The firm had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. As a group, research analysts anticipate that Backblaze, Inc. will post -0.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BLZE shares. Craig Hallum lowered shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a research note on Tuesday, February 24th. William Blair reaffirmed an “underperform” rating on shares of Backblaze in a research note on Monday, March 23rd. Lake Street Capital lifted their price target on shares of Backblaze from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Oppenheimer cut their price target on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Finally, Loop Capital set a $8.00 price target on shares of Backblaze in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Backblaze currently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

Backblaze Company Profile

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.